Tag Archives: EIOPA

EIOPA publishes guidelines for “execution-only” sales of IBIPs under IDD

Further to a public consultation, EIOPA has published a final report on its guidelines for insurance based investment products (IBIPs) under IDD that incorporate a structure which makes it difficult to understand the risks involved. These guidelines apply to execution-only sales under Article 30(3) of IDD. One of the conditions specified in Article 30(3) of […]

EIOPA speaks on future disruption to the insurance industry

Dr. Manuela Zweimüller, Head of Policy Department at EIOPA, has delivered a speech on what will the future hold? The European insurance industry in times of major disruption. The speech highlights challenges in respect of InsurTech, Brexit and Regulatory stability. EIOPA considers that the insurance industry needs to reinvent itself in respect of InsurTech and […]

EIOPA work programme for 2018

EIOPA has published its Single Programming Document for 2018, highlighting and specifying the activities and tasks for the coming year, within the framework of a multi-annual work programme 2017-2019. EIOPA comments that outcomes of the Brexit negotiations and of the review into the ESAs is still uncertain and has not factored them into its SPD. […]

European Commission publishes rules for insurance product information document under IDD

The European Commission has published a regulation laying down a standardised presentation format for the insurance product information document (IPID) to comply with IDD. The IDD must be transposed into national  law by 28 February 2018 and the IPID must be provided to customers with the necessary information about non-life insurance products in order to […]

EC publishes draft Delegated Regulation on insurance-based investement product requirements under IDD

EC has published for consultation a draft Delegated Regulation supplementing the IDD  concerning information requirements and conduct of business rules applicable to the  distribution of insurance-based investment products. The IDD contains a specific chapter, with additional conduct of business requirements, on the sale of insurance-based investment products. The Delegated Regulation, which is based on previous technical advice […]

EIOPA publishes opinion on supervisory convergence in light of Brexit

EIOPA has provided an Opinion addressed to national supervisory authorities on supervisory convergence in light of the UK’s withdrawal from the EU. EIOPA acknowledges that insurers may be seeking to relocate to or set up a new business in the EU in order to maintain access to the EU single market after Brexit. EIOPA comments […]

EIOPA calls for recovery and resolution framework for insurers

EIOPA has published an Opinion, which proposes a minimum harmonised and comprehensive recovery and resolution framework in the area of recovery and resolution for Solvency 2 (re)insurers. EIOPA’s view is that although Solvency 2 has reduced the likelihood of insurers failing in the future, it is not designed to completely eliminate this risk. Given the […]

ESAs answer questions on the KID requirements for PRIIPs

The ESAs have published the first set of question and answers (Q&A) related to the KID requirements for PRIIPs. The purpose of the Q&A is to promote a common supervisory approach to the implementation of the KID. Stakeholders are invited to submit new questions and the ESAs will continue to answer further questions and will […]

EIOPA consults on first set of advice on Solvency II review

 EIOPA has launched a project in a response to the call for advice by the EC and has published a consultation paper on the first set of advice. EIOPA’s focus is on the review of Commission Delegated Regulation (EU) 2015/35 and in particular the Solvency Capital Requirement (SCR) standard formula. The main goals of the review […]

EIOPA publishes first Solvency 2 statistics

EIOPA has published the first set of quarterly statistics on quantitative Solvency II reporting from insurance undertakings and groups in the EU and EEA. The statistics contain aggregated country level information about the balance sheet, own funds, capital requirements, premiums, claims and expenses and  refer to the latest information available at the extraction date.